CreditKarma.com Releases Data on 5 Million Credit Cards
Launches Free, Web-Based Credit Card Statistics Tool Offering Insight Into Previously Hidden Information
(firmenpresse) - SAN FRANCISCO, CA -- (Marketwire) -- 09/21/11 -- CreditKarma.com, the consumer's credit advocate, today launched its Credit Card Statistics feature, a free web-based tool providing consumers with key information by analyzing more than 5 million credit card accounts. The new feature provides data on:
Average credit limit awarded
Average approved credit score
Average household income
Average cardholder age
The credit card's market share
"There's a lot of ambiguity behind credit card applications," said Ken Lin, CEO of CreditKarma.com. "Often, consumers will apply for a credit card without really knowing if they qualify for it. The Credit Card Statistics tool aims to take the guesswork out of the process by providing people with insight into key benchmarks, thereby showing them the likelihood of acceptance by a credit card."
In addition, consumers can view ranges for credit scores, credit limits, current balances and credit limit utilizations.
"Seeing the range and distribution of credit scores or the average credit limit awarded for a specific credit card enables consumers to put things into perspective," said Lin. "For example, the average credit score for a credit card could be 726, but if you look at the range, you might see that 40 percent of users with that credit card have a credit score of 750 or higher, while only 5 percent have a credit score of 650 or lower. This means that if you have a credit score of 650, your chances of getting approved for that particular card are extremely slim."
Users can view the data in a variety of other ways as well. For instance, a user could compare how the average credit limit varies based on the average age of a cardholder or view how the average credit limit granted changes depending on the strength of a consumer's credit score.
"Facts like this can be eye opening and could possibly inspire people to raise their credit score before applying for a particular credit card or negotiate for a higher credit limit," said Lin.
The Credit Card Statics feature is available now at .
Data for the Credit Card Statistics feature is derived from more than 15 million credit accounts. Each month, CreditKarma.com generates new data points based on these accounts. The information is always anonymized, normalized and shown in aggregate to protect privacy and to ensure accuracy.
CreditKarma.com is a completely free credit management service that provides free credit scores, personalized savings recommendations, and financial education. We believe free access to one's credit score is a fundamental consumer right. CreditKarma.com helps more than 3 million consumers realize the everyday cost savings of having a good credit score. Visit us at .
Jessica Swain
Atomic PR on behalf of CreditKarma.com
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 21.09.2011 - 12:00 Uhr
Sprache: Deutsch
News-ID 68047
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contact information:
Town:
SAN FRANCISCO, CA
Kategorie:
Personal Finance
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